ICICI bank has also reported an operating profit of Rs 124.60 crore for the fiscal year 1998-99, a gain of 24 per cent over the last year levels of Rs 100.46 crore. While the bank's total income for this fiscal stood at Rs 633.08 crores (an 84.3 per cent growth), its total expenditure clocked a 114.75 per cent growth to touch Rs 490.95 crore whereas its net non-performing assets (NPA) stood at just 1.8 per cent of its total advances, the bank release said.

"The deposits of the bank stood at Rs 6,072.94 crore as on March 31, 1999, registering a 131 per cent growth over the last year's figures of Rs 2,629.02 crores. The total advances andinvestment in credit-like corporate debt instruments too recorded a 142.50 per cent growth over the last year's figure," the release said.

The bank's paid up capital and its reserves and surplus, as on March 31, 1999, stood at Rs 165 crore and Rs 143.33 crore respectively, up from the last year's figures of Rs 165 crore and Rs 101.75 crore. "ICICI Bank had raised Tier II capital in two tranches during the year 1998-99, aggregating to Rs 168 crore and as a result the capital adequacy of the bank stood at 11.06 per cent on March 31, 1999," the release added.

"By the end of fiscal year 1998-99, ICICI bank had 55 branches, 9 extension counters and 8 ATM centres. The bank had a total of 17 branches in rural and semi-urban areas, constituting 33 per cent of its branch network," the bank release said, adding that the private sector bank has already initiated appropriate risk-mitigation measures to ensure that all critical operations are maintained and customer transactions are fully protected from the risksposed by the Y2K problem.

"The ICICI bank has spent an amount of Rs 49.52 lakh during 1998-99 on the Y2K project," the release stated.